{"id":545116,"date":"2022-03-06T14:46:15","date_gmt":"2022-03-06T14:46:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/this-evening-egypt-is-negatively-affected-by-soaring-oil-prices-evacuation-in-ukraine-fails-for-second-time\/"},"modified":"2022-03-06T14:46:15","modified_gmt":"2022-03-06T14:46:15","slug":"this-evening-egypt-is-negatively-affected-by-soaring-oil-prices-evacuation-in-ukraine-fails-for-second-time","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/this-evening-egypt-is-negatively-affected-by-soaring-oil-prices-evacuation-in-ukraine-fails-for-second-time\/","title":{"rendered":"THIS EVENING: Egypt is \u201cnegatively affected\u201d by soaring oil prices + Evacuation in Ukraine fails for second time"},"content":{"rendered":"<p><strong>Good afternoon, ladies and gentlemen<\/strong>, and welcome to the start of a new week. Today\u2019s news cycle is once again dominated by the situation in Ukraine and the ripple effect on the global economy, including Egypt.<\/p>\n<p><strong>THE BIG STORY TODAY-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Pricier commodities on the bac of Russia\u2019s war hit home:<\/strong> Soaring global prices could cost the state up to EGP 15 bn more than it had budgeted for wheat imports in FY2021-2022,Finance Minister Mohamed Maait told Bloomberg Asharq (<a href=\"https:\/\/www.asharqbusiness.com\/article\/34458\">watch, runtime: 1:35<\/a>). Meanwhile, Egypt is \u201cnegatively affected\u201d by soaring oil prices in the global market, Oil Minister Tarek El Molla told Sky News Arabia (<a href=\"https:\/\/bit.ly\/3tvljxm\">watch, runtime: 1:18)<\/a>. As a net importer of crude oil and petroleum derivatives, daily changes in oil prices \u201care not in Egypt\u2019s interest,\u201d El Molla said.<\/p>\n<p><strong>On the bright side:<\/strong> El Molla added that we could offset some of the impact of higher oil prices by exporting more liquefied natural gas, given elevated energy prices across the board on the back of key crude producer Russia\u2019s invasion of Ukraine.<\/p>\n<p><strong>HAPPENING NOW-<\/strong><\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>The biggest global commodities shock in decades is inbound:<\/strong> The world is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ed46039-3d92-4d6c-acc9-0261343b42c2\">facing the biggest commodities shock<\/a> in decades as conflict in Ukraine cuts off a quarter of the world\u2019s wheat supply and western nations try to isolate Russia \u2014 the world\u2019s second-largest commodities producer \u2014 from the global economy.<\/li>\n<li><strong>Israel <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3519af3c-a28a-4e2a-987b-007e229ec9db\">has begun exporting<\/a><\/strong><strong> additional natural gas to Egypt through a pipeline traversing Jordan<\/strong>, with NewMed Energy \u2014 formerly Delek Drilling \u2014 and Chevron expected to export 2.5-3 bn cubic meters (bcm) of gas this year.<\/li>\n<li><strong>Travel app Elves will be getting a slew of new users as part of <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ad8403e-7658-4769-9021-9777d7102195\">a new partnership<\/a><\/strong> with major travel operator Der Touristik Eastern Europe.<\/li>\n<\/ul>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>It\u2019s day 11 of the Russian-Ukrainian war, with a breakdown in the temporary<\/strong><strong> ceasefire worsening the situation in Ukraine\u2019s Mariupol<\/strong>, where an attempt to restart the evacuation failed for a second time, <a href=\"https:\/\/www.reuters.com\/world\/europe\/russia-ukraine-blame-each-other-mariupol-evacuation-fails-again-2022-03-06\/\">Reuters<\/a> reports. The evacuation comes one day after a similar plan collapsed as Ukraine and Russia exchanged blame over the failure of the temporary truce. A humanitarian corridor was set to help over 200k people flee the city, whose population rests around 400k.<\/p>\n<p><strong>The evacuation failed as Russia continued to shell areas in the port city that were meant to be safe<\/strong>, a member of the Ukrainian National Guard <a href=\"https:\/\/www.reuters.com\/world\/europe\/russia-ukraine-blame-each-other-mariupol-evacuation-fails-again-2022-03-06\/\">said<\/a>.<\/p>\n<p><strong>Ukrainian forces have also failed to observe the truce<\/strong>, <a href=\"https:\/\/interfax.com\/newsroom\/top-stories\/75744\/?sphrase_id=72602\">Interfax<\/a> news agency reported, citing a Donetsk separatist administration official, who said only 300 people have left Mariupol.<\/p>\n<p><strong>The humanitarian situation in Mariupol is \u201ccatastrophic,\u201d<\/strong> aid group Doctors Without Borders (MSF) <a href=\"https:\/\/www.msf.org\/human-dignity-and-life-must-be-respected-besieged-mariupol-ukraine\">said<\/a>, with continuous shelling leading to water, electricity, heating, internet, and phone services to be cut off. Food supplies are running low, and there is no feasible way to transport supplies into the city, MSF\u2019s Emergency Coordinator in Ukraine Laurent Ligozat said.<\/p>\n<p><strong>Several of Ukraine\u2019s healthcare facilities have been attacked<\/strong>, World Health Organization head Tedros Adhanom Ghebreyesus said on <a href=\"https:\/\/twitter.com\/DrTedros\/status\/1500372569425387522?cxt=HHwWhIC59eG5stIpAAAA\">Twitter<\/a>, as he confirmed several attacks that killed at least six and injured 11, without further details.<\/p>\n<p><strong>Ukraine continued to show resistance overnight<\/strong> as a series of blasts continued overnight in Ukraine\u2019s second-biggest city Kharkiv, Ukrainian media reported, according to <a href=\"https:\/\/www.reuters.com\/world\/europe\/uk-intelligence-says-russia-targeting-populated-areas-ukraine-2022-03-06\/\">Reuters<\/a>, as the armed forces said they\u2019re carrying out operations in eastern Donetsk, Chernihiv and others.<\/p>\n<p><strong>The unexpectedly strong resistance has slowed down Russia\u2019s targeting of populated areas<\/strong>, British intelligence claimed in an <a href=\"https:\/\/twitter.com\/DefenceHQ\/status\/1500357239428763649\/photo\/1\">update<\/a>, in several areas in Ukraine, but \u201cstrength of Ukrainian resistance\u201d has abated Russian advances in Kharkiv, Chernihiv, and Mariupol.<\/p>\n<p><strong>Ukraine\u2019s strategic port city Odessa could be next<\/strong>, Ukrainian President Volodymyr Zelensky said earlier today as he warned that Russian forces were prepared to bomb the city on the southern coast, which is crucial for Ukraine\u2019s economy. He said the US is preparing new sanctions for Russia, without providing further details.<\/p>\n<p><strong>Ukraine might be getting warplanes from Poland and other NATO countries to repel Russian attacks<\/strong>, with a White House spokesperson signaling that the US is negotiating with Poland and other NATO countries on the potential supplies, the <a href=\"https:\/\/www.ft.com\/content\/2f1f0944-ceab-4042-93bd-63c2d863a75f\">Financial Times<\/a> reports. The supply agreement would see Ukraine getting its hands on Russian-made warplanes from Poland, while Warsaw in return receives F-16s from the US.<\/p>\n<p><strong>Turkey wants to work for peace between Ukraine and Russia<\/strong>, President Tayyip Erdogan told Russian President Vladimir Putin in a phone call,<a href=\"https:\/\/finance.yahoo.com\/news\/erdogan-urges-putin-declare-ukraine-114229372.html\">Reuters<\/a>reported. Erdogan stressed on \u201cthe importance of taking urgent steps to achieve a ceasefire, open humanitarian corridors and sign a peace agreement.\u201d<\/p>\n<p><strong>But Putin said his offensive would not end<\/strong> until Ukraine stopped fighting during the phone call with his Turkish counterpart, Russian news agency <a href=\"https:\/\/interfax.com\/newsroom\/top-stories\/75751\/?sphrase_id=72627\">Intertfax<\/a> reported. Putin also held talks with French President Emmanuel Macron, <a href=\"https:\/\/www.reuters.com\/world\/europe\/top-wrap-1-ukrainian-refugees-near-15-million-russian-assault-enters-11th-day-2022-03-06\/\">Reuters<\/a> reported, according to Russian television.<\/p>\n<p><strong>The Ukrainian refugee spill-in is the fastest in Europe since World War II<\/strong>, UNHCR head <a href=\"https:\/\/twitter.com\/FilippoGrandi\/status\/1500395166624010249?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\">Filippo Grandi said<\/a>, with over 1.5 mn refugees crossing from Ukraine in neighboring countries since the start of the Russian invasion. An estimated 4 mn people may flee Ukraine over the summer, the UNHCR said in a <a href=\"https:\/\/data2.unhcr.org\/en\/situations\/ukraine\">report<\/a>earlier on the crisis.<\/p>\n<p><strong>Your cards have been maxed out:<\/strong> <a href=\"https:\/\/usa.visa.com\/about-visa\/newsroom\/press-releases.releaseId.18871.html\">Visa<\/a> and <a href=\"https:\/\/www.mastercard.com\/news\/press\/2022\/march\/mastercard-statement-on-suspension-of-russian-operations\/\">Mastercard<\/a> announced the suspension of all operations in Russia over Moscow\u2019s invasion of Ukraine, with all transactions ceased, they said in separate press releases. Payments company PayPal is also suspending services in Russia over the invasion, a letter by CEO Dan Schulman read according to a <a href=\"https:\/\/twitter.com\/FedorovMykhailo\/status\/1500022660952203266\">tweet<\/a> by Ukraine\u2019s Digital Transformation Minister Mykhailo Fedorov.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>US Deputy Secretary of State Wendy Sherman will be in town this Thursday and Friday<\/strong>, the State Department said in <a href=\"https:\/\/www.state.gov\/deputy-secretary-shermans-travel-to-turkey-spain-morocco-algeria-and-egypt\/\">a statement<\/a> on Thursday. Sherman will meet with Foreign Minister Sameh Shoukry and \u201cother senior officials,\u201d as well as the head of the National Council of Human Rights Moushira Khattab.<\/p>\n<p><strong>Contemporary art and culture center <\/strong><strong><a href=\"https:\/\/www.facebook.com\/3031ArtFest\/\">Darb1718<\/a><\/strong><strong> is hosting its <\/strong><strong><a href=\"https:\/\/collardtickets.com\/event\/3031-art-festival\/?s=1\">3031 Art Festival<\/a><\/strong> until next Saturday, 12 March on its premises in Fustat, Old Cairo. Unique collections of multidisciplinary art will be on display along with live music, dance, theater performances, and interactive workshops. Guest speakers <a href=\"https:\/\/www.adsumart.com\/home\">Adsum Art Consultancy<\/a> will be on hand to discuss investing in art. Catch a full day of activities from 1pm\u20139:30pm on weekends and weekdays from 4pm\u20131pm.<\/p>\n<p><strong>Key news triggers to keep your eye on<\/strong> over the next few weeks:<\/p>\n<ul>\n<li><strong>Inflation:<\/strong> Inflation figures for February will be released on Thursday, 10 March.<\/li>\n<li><strong>Interest rates:<\/strong> The Central Bank of Egypt (CBE) will hold its <a href=\"https:\/\/www.cbe.org.eg\/en\/MonetaryPolicy\/Pages\/MPCMeetingSchedule.aspx\">next monetary policy meeting<\/a> on Thursday, 24 March.<\/li>\n<\/ul>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The weather will be mostly cloudy tomorrow with a daytime high of 25\u00b0C and a nighttime low of 14\u00b0C, our favorite weather app tells us. There\u2019s also a slight chance of rain \u2014 which might be a good thing after the dust and sand we\u2019re seeing today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gentlemen, and welcome to the start of a new week. Today\u2019s news cycle is once again dominated by the situation in Ukraine and the ripple effect on the global economy, including Egypt. THE BIG STORY TODAY- Pricier commodities on the bac of Russia\u2019s war hit home: Soaring global prices could cost [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[633,1503,7115,1501,865,270,218,304,666,1502,634,406],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545116","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-evacuation","tag-healthcare","tag-mariupol","tag-mastercard","tag-russia","tag-turkey","tag-ukraine","tag-visa","tag-warplanes","tag-what-were-tracking-tonight","tag-world-health-organization","wpautop","entry"],"acf":{"mongo_id":"2d722b02-408b-47c3-9def-060776c51f9c","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[545114],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Egypt is \u201cnegatively affected\u201d by soaring oil prices + Evacuation in Ukraine fails for second time - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/this-evening-egypt-is-negatively-affected-by-soaring-oil-prices-evacuation-in-ukraine-fails-for-second-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Egypt is \u201cnegatively affected\u201d by soaring oil prices + Evacuation in Ukraine fails for second time\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gentlemen, and welcome to the start of a new week. Today\u2019s news cycle is once again dominated by the situation in Ukraine and the ripple effect on the global economy, including Egypt. 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Today\u2019s news cycle is once again dominated by the situation in Ukraine and the ripple effect on the global economy, including Egypt. 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The ministry assumed an average price of USD 255 per ton in this year\u2019s budget but the state is now paying USD 350, Supply\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/75.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":679190,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/29\/oil-prices-rebound-2-on-mideast-tensions-and-stalled-russia-ukraine-talks\/","url_meta":{"origin":545116,"position":1},"title":"Oil prices rebound 2% on Mideast tensions and stalled Russia-Ukraine talks","author":"enterpriseam admin","date":"29 December 2025","format":false,"excerpt":"Good afternoon, friends. The holiday slowdown remains in full effect as we inch closer to New Year\u2019s Eve. Headlines both at home and abroad remain calm, making it the perfect time to pick up a book or plug into a podcast during the downtime.THE BIG STORY ABROAD- ? There\u2019s next\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/6\/766.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545136,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/this-evening-trucking-startup-naqla-raises-usd-10-5-mn-in-a-pre-series-a-russia-and-ukraine-restart-ceasefire-talks\/","url_meta":{"origin":545116,"position":2},"title":"THIS EVENING: Trucking startup Naqla raises USD 10.5 mn in a pre-series A + Russia and Ukraine restart ceasefire talks","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"Good afternoon, friends, and welcome to a relatively quiet Monday, with no major news story dominating the local news cycle so far.THE BIG(ish) STORY TODAY SO FAR- Trucking startup Naqla has raised USD 10.5 mn in a pre-series A round led by El Sewedy Capital Holding, Hassan Allam Holding, and\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":552090,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/food-security-is-becoming-more-challenging-with-soaring-global-inflation\/","url_meta":{"origin":545116,"position":3},"title":"Food security is becoming more challenging with soaring global inflation","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"World hunger worsened in 2021 and we\u2019re falling way behind on our goal to eliminate it by the end of the decade. The number of people affected by hunger globally rose to some 828 mn in 2021, clocking an increase of about 46 mn people since 2020 and 150 mn\u2026","rel":"","context":"In &quot;FOOD SECURITY&quot;","block_context":{"text":"FOOD SECURITY","link":"https:\/\/enterpriseam.com\/egypt\/category\/food-security\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/521.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544568,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/","url_meta":{"origin":545116,"position":4},"title":"Gov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"The world has seen an \"unprecedented\" increase in the prices of strategic goods over the past two weeks on the back of the conflict in Ukraine, Prime Minister Moustafa Madbouly said in a press conference yesterday laying out the government\u2019s response to the crisis (watch, runtime: 40:41). Russia\u2019s invasion of\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/121.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544598,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/govt-imposes-ban-on-some-food-exports-to-conserve-local-supply\/","url_meta":{"origin":545116,"position":5},"title":"Gov\u2019t imposes ban on some food exports to conserve local supply","author":"enterpriseam admin","date":"13 March 2022","format":false,"excerpt":"The Trade Ministry has banned the export of staple food commodities for three months as it looks to shore up supplies amid turmoil in the global food market caused by the conflict in Ukraine. 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